crypto strategy

Bitcoin (BTC) Remains ‘Best Play’ Despite Altcoin Rallies, Says Analyst Benjamin Cowen

A widely followed crypto-analyst says that Bitcoin (BTC) is still the top game for crypto market players despite a week that saw altcoin prices soar.

In a new strategy session, Benjamin Cowen recount his 781,000 YouTube subscribers that altcoins are risky even if their prices rise, as he believes the Bitcoin Dominance Index (BTC.D) will rise regardless of the direction BTC takes.

The BTC.D chart tracks the share of the total crypto market capitalization owned by Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other crypto assets, or that altcoins are losing value as major crypto peaks rise. In a bearish scenario, a rising BTC dominance indicates that altcoins are falling faster than Bitcoin.

says Cowen,

“Whether [BTC] bursts or breaks down, the [BTC] dominance should increase anyway. This is the thesis: that Bitcoin dominance should rise, Bitcoin break or crash…

Since we started in 2022 I’ve said altcoins just aren’t worth the risk compared to Bitcoin… I don’t think they’re worth the risk yet [but] it doesn’t mean that some of them haven’t bottomed out in their USD pairs.

Not only is BTC’s dominance level locked to rise, but Cowen also says that Bitcoin is the best game for investors because it will attract less attention from regulators.

However, he notes that altcoins could start thriving by early 2024 or the end of this year.

“Bitcoin is still the best game in terms of risk-adjusted return, so for the risk you’re taking, Bitcoin is still the best game now. Any fundamental reason why could that be? I think regulation…

Bitcoin won’t have the same type of regulatory scrutiny as the altcoin market, and I think 2023 is likely to be a tough year for altcoins in the context of those regulations. Once we get into 2024 and maybe even late 2023, I’ll take off my maxi hat and I’ll probably [get] back on the altcoin market.

Bitcoin is changing hands for $20,703 at the time of writing, a fractional drop on the day.


Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

Check price action

follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Blend

Check the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Nsit

#Bitcoin #BTC #Remains #Play #Altcoin #Rallies #Analyst #Benjamin #Cowen #crypto strategy

Related Articles

Back to top button